Let's review:
2,500 ~ gone via 22 world wide closures
3,561 ~ gone via performance based ISP
that leaves 5,939 heads that need to roll by way of either enhanced retirement, VSP or closed projects. How many, approx., will take enhanced retirement?
10 replies (most recent on top)
Anyone meeting at least one of the three retirement criteria (55+15, rule of 75, age 65) is eligible. But there's been no public information on how many people meet one of these criteria, how many of them will be offered the package, nor the expectation on how many will accept it.
What we need is the retirement secret slide just like the one on ISP -- that was an eye opener. The "Estimated Yield" category strikes me as particularly callous. Someone did a lot of analysis to determine the "yield" on various head count reduction methodologies to hit the 12k target. So the equivalent data on enhanced retirement "yield" must exist.
I'm hoping you're wrong about it being the Rule of 75 @yrk. I'm eligible for the Rule of 55 and been waiting a year for this opportunity. I'm ready to GOOOOOOOOO. I'd think omitting anyone that falls under any of their retirement rules would be discriminatory. After all, I'm eligible, just not under the Rule of 75. I SURE HOPE YOU ARE WRONG!!!!!!!!!!!!!
@PBN - RE: because they can work for 10 more years then why will they take 2 years of salary and go..
I fall under the Rule of 55 but NO WAY IN HELL am I going to work another 10 yrs. All I want is the package and then I'll retire early. Can anyone say 'DONE' ?
enhanced retirement will be lesser than 2000 calculated
many ppl in age group 53-55, won't take enhanced retirement. because they can work for 10 more years then why will they take 2 years of salary and go..
12k target is on speculation that ppl will take vsp and retirement. but this may not work...coming days will be more horrible.
@nia - Do you seriously believe management can identify project cancellations significant enough to net the 3k - 4K headcount they'll need to make their numbers? It's not like internal organizations will be candidly offering-up information about their "low value" projects. My guess is they'll go for large swaths of support groups, like training, IT, legal and Security, then they'll start hitting low value vertical and R those are going in all over the place.
My guess start like this.. 12000 job cuts is there NET number, because they want to invest in some areas after this but overall need to be down. So the actual cuts will be 15% with a 4% investment in areas of growth. So its:
Wave1 (next week)
3500 ISP
2500 VSP
2000 Enhanced Retirement
1000 Site Closure announcement (happening over 12mo)
Wave2 (June, after Murty and Stacy cuts)
4000 Project Cancellations,
3000 Efficiencies (read move jobs to India)
Wave3 (investing new stuff, drones for BK+Josh)
+4000 Jobs in India
So net is -12000 US jobs, +7000 jobs in India
That's the math
Rule of 75 possibly.. Your age plus years at Intel >= 75.. Like me 😀
The enhanced retirement package is very attractive. "A year of base pay and one year's performance bonus, plus two years of medical coverage." It seems like it would be cost prohibitive to invite a lot of people to take that package. Does anyone know what the invite criteria is? Over 55 perhaps?
I read that wrong lol. 5938 remaining.
5940 it is
No idea how many are being invited. I would guess at a percentage, not the actual number. It's not going to be near 100%, I know that much. IT did a pilot years back and not many took it. I don't have actual numbers though.
I can tell you that I'm going to take it so that's 1. :)